商社行业：把握AI+消费新场景，高性价比国产大模型加速应用落地

Investment Rating - The report maintains a "Positive" outlook on the consumer services industry, particularly focusing on the integration of AI in consumption scenarios [2][4]. Core Insights - The integration of "AI + Consumption" is identified as a crucial driver for stimulating consumer demand, with high-cost performance domestic models expected to accelerate application deployment [4][11]. - The report emphasizes the potential of AI technology to create new consumer demands, enhance service efficiency, and reduce enterprise costs across various sectors [4][11]. - The report highlights the importance of government support for new consumption models, particularly in the context of AI applications [4][12]. Summary by Sections AI Empowering the Consumer Industry - The emergence of high-quality, low-cost domestic AI models is expected to accelerate the application of AI in consumption scenarios [11][12]. - The report notes that the DeepSeek model, launched in January 2025, demonstrates high performance and low cost, making it attractive for developers and small businesses [12][15]. AI Application Scenarios in Various Industries - Education: AI applications include AI teaching assistants and personalized learning solutions, significantly improving service quality and efficiency [20][22]. - Human Resources: AI enhances recruitment efficiency, reduces costs, and optimizes talent management, with significant policy support for the industry [24][25]. - E-commerce: AI is expected to optimize costs and enhance sales through personalized recommendations and improved inventory management [28][30]. - Traditional Retail: AI applications focus on consumer behavior analysis and operational efficiency, with notable improvements in sales and inventory management [31][32]. - Smart Wearables: The market for AI smart glasses is projected to see significant growth with the introduction of new products [6]. Investment Recommendations - The report suggests focusing on industries and companies with a high degree of integration with AI technology, such as education, human resources, cross-border e-commerce, and smart retail [5][16]. - Companies that adopt AI technology early and build robust models are expected to benefit first, with industry leaders likely to gain a competitive edge [5][16].